ISPY vs. SPY

Last updated Jun 23, 2026

ISPY (ProShares S&P 500 High Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, ISPY returned 23.56% vs 26.65% for SPY. With a 0.97 correlation, they move nearly in lockstep. ISPY charges 0.55%/yr vs 0.09%/yr for SPY.

Performance

ISPY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 8.16% return, which is significantly lower than SPY's 9.74% return.

ISPY

• 1D: -0.29%
• 1M: 0.06%
• YTD: 8.16%
• 6M: 7.64%
• 1Y: 23.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ISPY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	8.16%	13.15%	21.31%	0.35%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	0.10%

Correlation

The correlation between ISPY and SPY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.97

The correlation between ISPY and SPY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

ISPY vs. SPY - Sectors Allocation Comparison

Sectors	ISPY	SPY
Technology	33.2%	39.0%
Financial Services	20.0%	11.1%
Communication Services	8.6%	10.6%
Consumer Cyclical	8.0%	9.9%
Healthcare	7.1%	8.3%
Industrials	6.7%	7.8%
Consumer Defensive	3.9%	4.5%
Energy	2.6%	3.1%
Utilities	2.2%	2.1%
Real Estate	1.5%	1.8%
Basic Materials	1.5%	1.7%

Return for Risk

ISPY vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ISPY

ISPY Risk / Return Rank: 60
ISPY Sharpe Ratio Rank: 62
ISPY Sortino Ratio Rank: 56
ISPY Omega Ratio Rank: 58
ISPY Calmar Ratio Rank: 58
ISPY Martin Ratio Rank: 65

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ISPY vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ISPY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.16	-0.18
Sortino ratio: Return per unit of downside risk	2.58	2.91	-0.33
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.81	3.01	-0.20
Martin ratio: Return relative to average drawdown	11.59	13.54	-1.95

ISPY vs. SPY - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.97, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ISPY and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISPY vs. SPY - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ISPY and SPY.

Drawdown Indicators

	ISPY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-55.19%	+38.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-8.88%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.02%	-1.75%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.09%	-9.04%	+6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.97%	+0.07%

Volatility

ISPY vs. SPY - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.61% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.64%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	9.75%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	12.43%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.71%	17.14%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.71%	17.99%	-4.28%

ISPY vs. SPY - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ISPY vs. SPY - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.47%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISPY ProShares S&P 500 High Income ETF	4.47%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ISPY and SPY in my portfolio?

With a correlation of 0.96, ISPY and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISPY or SPY?

SPY has higher volatility (4.64%) compared to ISPY (4.61%). In terms of maximum drawdown, ISPY dropped -16.88% vs SPY's -55.19%.

Which ETF is better, ISPY or SPY?

On 1-year performance, SPY leads with 26.65% vs 23.56% for ISPY. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 23.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.55% for ISPY.

Which ETF pays a higher dividend yield, ISPY or SPY?

ISPY has the higher dividend yield at 4.47%, compared with 1.01% for SPY.

What is the main difference between ISPY and SPY?

ISPY is categorized as Derivative Income, while SPY is S&P 500. ISPY tracks S&P 500 Daily Covered Call Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.55% for ISPY and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.